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Dan Larimer

Binance Smart Chain Welcomes EOS’s Largest DeFi Platform

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Binance Smart Chain [BSC] has seen tremendous development. In terms of liquidity and decentralized applications [dApps], BSC is becoming a major player in the industry. Hence, it is safe to say that it has emerged as one of the most distinguished alternatives to not just the Ethereum network but also to EOS. The latter lost one of the biggest decentralized finance [DeFi] projects to the Binance ecosystem this week.

The DeFi platform in question is ‘Effect Network‘ which is headed for a switch in its development from the EOS network to the Binance Smart Chain. The developers cited concerns regarding the future and viability of the EOS blockchain as one of the most prominent reasons for relocation.

It is important to note that the founder and Chief Technology Officer of EOS’s parent firm Block.one, Daniel Larimer had left the company nearly a couple of months ago. Furthermore, the controversial departure led to many questions regarding his inability to bring about viable solutions to the many issues plaguig the EOS ecosystem.

Talking about the growing confidence in Binance Smart Chain instead, Effect Network’s CEO Chris Dawe reportedly stated,

“Look at what the Binance organization has accomplished in only the last three years. It is a testament of dedication, hard work but above all its laser-focused vision. The amount of products and services our clients and workforce can tap into with the Binance ecosystem are amazing and will help accelerate the growth of the Effect Network like never before.”

Binance Smart Chain’s Exponential Growth

Despite centralization debates, the BSC ecosystem has grown considerably over the past several months. Thanks to growing gas fees on the Ethereum blockchain that was currently hovering close to $18. BSC, on the other hand, was processing on average 2X volume of the Ethereum network, that too, at a fraction of its current transaction fee.

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Binance Smart Chain Welcomes EOS's Largest DeFi Platform 2

Therefore, several DeFi platforms have either left the Ethereum network or have expanded their footprint across BSC as well to enable its users to choose their preferred mode of network. Gauging at BSC’s unique address count, it can be noted that the network has seen significant growth as the figures continued to maintain a steady uptrend. It was found to be at 61.7 million on the 27th of March.

EOS Ecosystem’s Dan Larimer To Focus on Building Censorship-Resistant Tech

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Prominent blockchain developer Daniel Larimer announced leaving his position as the CTO of Block.one after a stint of four years. The blockchain entrepreneur had previously co-founded the company behind the popular project EOS along with Brenden Blumer before dropping his resignation as of the 31st of December, 2020.

Larimer’s resignation comes just a day after he announced boycotting Twitter. In a Voice post, the exec had argued that “the censorship has gotten out of control” and that he can “no longer empower such a corrupt company.”

Larimer referred to the censorship pressures and emphasized once more during his resignation announcement that his future endeavor would include focussing more on developing tools that masses can use to secure their own freedom.

His official statement read,

“I will continue on my mission to create a free market, voluntary solutions for securing life, liberty, property, and justice for all. I do not know exactly what is next, but I am leaning toward building more censorship-resistant technologies.”

Larimer went on to assert that,

“I have come to believe that you cannot provide “liberty as a service” and therefore I will focus my attention on creating tools that people can use to secure their own freedom.”

Nevertheless, Larimer and Blumer had been working together in the company since 2017 which went on to secure a massive $4 billion for an initial coin offering [ICO] to launch the EOS network.

In the beginning, the EOS network was touted as an improved version and a potential Ethereum killer by many industry experts amidst a clogged ETH ecosystem plagued with scalability issues. Despite attempts to reach the same level, EOS was grappled by centralization concerns.

EOS Takes A Plunge Following The News

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The latest news about Dan Larimer’s resignation did not sit well with the participants of the EOS market. Shortly after the development, EOS dropped substantially which has extended to over 35% loss in less than 48 hours. The crypto-asset was previously consolidating above the support level of $2.8 despite any impressive upside move.

The news triggered a sell-off which dragged EOS’s price to $2.7, at the time of writing.